What smart money is saying about Terreno Realty Corporation
2 funds in our archive have pitched Terreno Realty Corporation — most recently Baron Real Estate Income Fund in September 2026.
Terreno Realty Corporation, together with its subsidiaries, focuses on the acquisition, ownership, and management of industrial real estate assets. Their operations are strategically located in six key coastal U.S. markets: Los Angeles, the Northern New Jersey/New York City metropolitan area, the San Francisco Bay Area, Seattle, Miami, and Washington, D.C. It should be noted that all measurements concerning property size (square footage, acreage), occupancy rates, and the total number of properties detailed within their condensed consolidated financial statements are provided on an unaudited basis. As of September 30, 2020, the company's portfolio included 219 buildings, encompassing a total area of approximately 13.1 million square feet. Additionally, they possessed 22 developed land parcels spanning about 85.0 acres, alongside one property currently undergoing redevelopment, which is projected to contribute roughly 0.2 million square feet upon completion. Terreno operates as an internally managed corporation chartered in Maryland. The company chose to be designated as a Real Estate Investment Trust (REIT) for tax purposes, pursuant to Sections 856 through 860 of the Internal Revenue Code of 1986, effective from its taxable year concluded on December 31, 2010.
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Position history
Between Q2 2026 and Q3 2026, 3 fund letters reported a position in Terreno Realty Corporation, with no move described.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 1 |
| Q2 2026 | 2 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 3 positions
- September 2026
“Shares of Welltower Inc. demonstrated resilience in the quarter, making modest gains against a challenging backdrop in which most real estate securities declined, extending what had already been very strong performance in the first half of the year. Welltower is a leading owner and operator of senior housing communities across the U.S., Canada, and the U.K., and is the largest health care REIT by market capitalization. The company continued to execute well, delivering robust cash flow growth driven by strong occupancy gains, healthy rent growth, and ongoing margin expansion—all of which reflect the powerful demographic tailwinds underpinning demand for senior housing as the U.S. population ages. We initiated a position in AAON, Inc., following a disappointing second quarter earnings result. AAON designs and manufactures commercial and industrial heating, ventilation, and air conditioning (HVAC) equipment. After very strong first quarter results, in which the company raised sales growth guidance to 40% to 45% from 18% to 20% previously (at a slightly lower gross margin outlook), on the back of enormous BasX data center growth of over 100%, AAON's second quarter was more mixed. Management raised full-year growth guidance further, to 55% to 60%, but gross margin missed expectations, declining 230 basis points year-over-year as the company absorbed the costs of scaling capacity so quickly. Though there has been a pattern of extreme volatility in results relative to expectations quarter to quarter, we have spent time with management and are hopeful they will begin to deliver with fewer negative surprises going forward. We see near-term upside given a depressed valuation—near its lowest level in over five years — alongside what we believe is conservative guidance amid excellent top-line growth expectations and margin pressures that should, in part, be addressed through straightforward actions already underway. The price-cost dynamic should improve as price increases already taken flow through, with line of sight to backlog converting at higher margins into 2027. We believe revenue growth will remain robust, and with steadier, improving margin performance, we see attractive near-term upside in the shares—perhaps 40% to 50%—on a reasonable multiple of roughly 15 times cash flow, well below the company's 5-year average forward multiple of 20 times, applied to 2028 estimates. 7 September 30, 2026SECTOR Terreno Realty Corporation, an industrial REIT focused on high- quality coastal properties, was a strong contributor in the third quarter.”
Terreno Realty Corporation - June 2026
“Industrial REITs (11.8%) We remain constructive on the Fund’s industrial REIT holdings, Prologis, Inc. , EastGroup Properties, Inc. , and Terreno Realty Corporation, driven by a favorable multi-year outlook for demand, supply, and rent growth .”
Terreno Realty Corporation - June 2026
“Industrial REITs (11.8%) We remain constructive on the Strategy’s industrial REIT holdings, Prologis, Inc. , EastGroup Properties, Inc. , and Terreno Realty Corporation, driven by a favorable multi-year outlook for demand, supply, and rent growth .”
Terreno Realty Corporation
Fund coverage · 2 theses
- Baron Real Estate Income FundSeptember 2026
Terreno Realty Corporation owns coastal industrial properties and benefits from accelerating demand, tightening supply, rent growth, and accretive capital deployment.
Read the full thesis - Baron Real Estate Income FundJune 2026
Terreno Realty Corporation is favored for industrial rent growth potential and exposure to secular logistics demand trends.
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